Thread: Im crashed today.

I believed it was going to be one of my lucky days but it's not. Among my mini accounts obtained crashed just now. I simply can not think what I've done and I've done this.

I opened the trade window and watched eur/usd has been starting to go up and up and I thought it's not the good time to trace so I decide to capture the reversal just like I did before and that worked most of the time. But not now. I'm only a gambler now.

I offered 5 slots at high and on the lookout for reversal. It did. Just a small bit say $30 around. I was nearly to take the profit and relax to return to do the job. But I didn't.
Now the nightmare begins, it went up/and down then went right up to north. I sold 1 slot at greater price then market another 1 at greater, then another 1 then another 1. 9 slots total as well as the price still going up. Half of my margins were blowing out. Finally I have driven stopped by the trader because lacking margin.

I read and read and read all the rules, do not over trade, reduce loss when you feel uncomfortable, decpline, be alert blah blah, and I am doing contrary to the rules. Perhaps I'm just the one who can not do trade.

Anyways, I'm just too rush to enter the winners bunch. It is simply not the time.

Originally Posted by ;

I thought it was going to be just one of my lucky days but it's not. One of my mini accounts got crashed just now. I can not believe what I've done and I've done that.

I started the trade and saw eur/usd has been starting to move up and up and I thought it's not the fantastic time to trace so I decide to ch the reversal like I did before and that worked most of the time. But not now. I now.

I sold 5 slots at large and on the lookout for reversal. It did. Just a small bit say $30 around. I was almost to take the profit and unwind to return to work. But I didn't.
Today the nightmare begins, it went up/and down then went up to north. I sold 1 slot at higher price then market another 1 at higher, then another 1 then another 1. 9 slots total as well as the price still going up. Half of my margins blew out. I got driven stopped because lacking margin.

I read and see and see all of the rules, don't over trade, reduce loss when you feel uncomfortable, decpline, be awake blah blah, and I am doing contrary to the rules. I'm just the person who can not do transaction.

Anyways, I am just too rush to enter the winners group. It is simply not the time.

Unfortunatly buddy its part of the process for almost all of us. I spent my first 8 years of trading in the position most of the time. No internet, no charts, no assistance. Just a piece of graph paper, a pen and ruler and the phone number to my broker. Trust me you can take action. Do this. No one does but that will never stop me from preaching.

1. Demo till you reveal a profit 3 months in a row
2. Then start a pocket change account with an amount of money which leads to no emotions when you exchange. 3 months more revealing a profit before moving to another step.
3. Finance your account with half of what you intended to and do it for 3 months. If you cant finish a step you dont proceed till you can.
4. Never risk greater than 3% of your account on any 1 trade.
5. Do this all and find success on daily and weekly charts before trying intraday.

That really is treating it like a company and not a casino. You at least have a chance at long-term success. Most new traders do the precise opposite of what I explained and there my buddy is your 95% that dont last a year at this.

Hey man, Hang in there I've done exactly the same thing before, I bet most have at one time or another. You need to chalk this up to tuition cost and regroup. Everybody will say demo trade and you should to get your method down but nothing works in addition to placing money at stake, even micro account at first.

I can not tell you how often I've made stupid trades but you can get it . You are able to do it. I'd suggest the PF section and look under james 16 system segment and look at the basic base 150 commerce set ups it's a great place to get started.

But look at Figi's area and get your emotions in check. The man knows what he's talking about.

Play

Me too Hastings, $500 major ones and this is a micro account so that I will not let you know how many pips, its only to embarrassing. Do not give up though, Think of it this way, we're feeding some of our fellow members families.

thanks guys. I had known that one day trading like gambler would crashs me. I kept telling me in these days to quit doing the way I was doing trading. But just did not think it came so soon before I read and knew better. Well, l have another mini account to go with. I wish I don't wreck it.

I really don't feel embarrassing that way because I was gaming in shame of ignoring all technical/fundamental signals and indiors. I am able to list the bets in case your interested in seeing it and allow me know why is it so wrong with it

sold 5 in 1.2473
sold 1 at 1.2501
sold 1 at 1.2521
sold 1 at 1.2529
sold 1 at 1.2531
closed the previous 1 in 1.2541
account shutdown in 1.2563

gone

I am the killed possum.

Originally Posted by ;

Me too Hastings, $500 big ones and this is a micro account so I will not tell you how many pips, its only to embarrassing. Don't give up though, Think about it this way, we are feeding some of our fellow members families.

Originally Posted by ;

I don't feel awkward that way because I was gambling in shame of dismissing all technical/fundamental signs and indiors. I am able to list the bets in case your interested in seeing it and allow me know why is it so wrong with it

sold 5 in 1.2473
sold 1 at 1.2501
sold 1 at 1.2521
sold 1 at 1.2529
sold 1 at 1.2531
closed the previous 1 in 1.2541
account shutdown in 1.2563

gone

Now I am the murdered possum.

I think you answered your own query. You said you sold to the drop/retrace. What was telling you that the EUR/USD was going to retrace at any given instant? An indior? Some automated system? No, just instinct because it had worked before. But of course that in no way garuantee's that it will work again or in changing market conditions. Retrace action is among the most dangerous practices on the market.

My account grew much faster when I ignored the desire to ch the retrace and just flat out followed my machine. What works twice, may not work a third....as you have seen now.

Given the impact of Bernacke's address, you were playing with a loaded gun....and unfortunately, it went away.

Learn from this and analyse why it's dangerous to dismiss systems/indiors/fundamentals and play with the gut.

I will not offer any words of consolation, cause you don't need them....you have to realize that what you did was dangerous and you paid the price. It is anger and dissappointment that forces us to analyse ourselves.

Please don't take this in the wrong tone, I've made the exact same error. I built up my account quite well often practicing the exact same mentality, adn then in one fail swoop, gave everything back when the EUR/USD dropped to 1.1698. I Won't Ever FORGET THAT DAY! It changed my trading life indefinitely because it made me think of why I did this and what I should have done instead. My defect: trading from the trend though the fad was sitting there slapping me in the face!

I haven't played with the retrace activity since and my account has thanked me ever since.

Mudd, intriguing words. I take it you don't think too much of the different Vegas systems then, because they seem to rely on the retrace from outside EMA band activity....

Where can I find out more about your favourite systems? Thank you for any information.

Ol' Don

Originally Posted by ;

Mudd, intriguing words. I take it you do not think a lot of the various Vegas systems then, because they appear to rely on the retrace from outside EMA band action....

Where can I learn more about your favorite systems? Thank you for any advice.

Ol' Don

Really, I've never read any of Vegas' documents, therefore that I can't really comment on them; but from what I know, and out of you have stated, the SYSTEM indies retracement from channel/band extremes. That is a far cry from split retraces and two seperate beasts all together.

Jumping on a short after a Fed. Chairman speech along with a dollar sell off is absolute gaming and no halfway decent system would indie a short with no consideration of fundamental break-outs and the possiblity that the overall gambling range could now be changing because of these fundamentals. In which case, if you didn't use stops like most do not, you may not observe these levels for weeks or months.

I am able to see the most challenge from your wise advice to me is the patiency decpline. That is my problem. I started a demo account and long 3 months which doubled the initial then I started a mini account by putting $1000 in it (now that was the one got screwed). Then I started to loss. 2 weeks after I opened another one. Why I started two? Since I believed I could do Taxan Hedge method. I have just 1 left. 3 months demo without toughing the left-over account? omg, well, I will definately try. but man, it hurts.

Originally Posted by ;

unfortunatly friend its part of this process for almost all of us. I spent my first 8 decades of trading at the position most of the time. No world wide web, no charts, no help. Only a piece of chart paper, a pen and ruler and the phone number to my broker. Trust me you can do it. Do this. No one does but that won't ever stop me from preaching.

1. Demo till you reveal a profit 3 weeks in a row
2. Then start a pocket modifiion account with an quantity of money which causes no emotions when you trade. 3 weeks more revealing a profit before proceeding to the next step.
3. Finance your account with half of everything you intended to and do it for 3 weeks. If you cant finish a step you dont move on till you can.
4. Never risk greater than 3 percent of your account on any 1 trade.
5. Do all of this and find success on daily and weekly charts before trying intraday.

That is treating it like a business rather than a casino. You have a chance at long term success approaching things this way. Most new traders do the precise opposite of everything I explained and there my friend is your 95% that dont last a year at this.